Legal Dictionary of Pakistan

business trust

A form of business organization, similar to a corporation, in which investors receive transferable certificates of beneficial interest (instead of stock shares). - Also termed Massachusetts trust; common-law trust. "The business trust was developed in Massachusetts from 1910 to 1925 to achieve limited liability and to avoid restrictions then existing there on a corporation's acquiring and developing real estate, by adoption of the trust device ...." Henry G. Henn & John R. Alexander, Laws of Corporations § 58, at 117 (3d ed. 1983).